To choose exercise over alternative behaviours, subjective reward evaluation of the potential choices is a principal step in decision making. However, the selection of exercise intensity might integrate acute visceral responses (i.e. pleasant or unpleasant feelings) and motives related to goals (i.e. enjoyment, competition, health). To understand the factors determining the selection of exercise in its intensity and evaluation as a modality, we conducted a study combining exercise training and evaluative conditioning. Evaluative conditioning was performed by using a novel technique using a primary reinforcer (sweetness) as the unconditioned stimulus and physical strain i.e. heart rate elevation as the conditioned stimulus during interval training, using a randomized control design (N = 58). Pre, post-three weeks interval training w/o conditioning, and after 4 weeks follow-up, participants were tested on self-paced speed selection on treadmill measuring heart rate, subjective pleasantness, and effort levels, as well as delay-discounting of exercise and food rewards. Results revealed that the selection of exercise intensity was significantly increased by adaptation to training and evaluative conditioning, revealing the importance of visceral factors as well as learned expected rewards. Delay discounting rates of self-paced exercise were transiently reduced by training but not affected by evaluative conditioning. In conclusion, exercise decisions are suggested to separate the decision-making process into a modality-specific cognitive evaluation of exercise, and an exercise intensity selection based on acute visceral experience integrating effort, pleasantness, and learned rewards.